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will you join me in my thinking our panelists. [applause] representative live in discusses tax policy and deficit reduction. he spoke at the briefing today hosted by the christian science monitor for an hour. >> thanks for coming. i'm dave cook from the monitor. welcome to the first breakfast of the new year. the guest is representative sander levin of michigan cranking member of the house ways and means committee. this is the first visit of the group. he did for deily to detroit native and the university of chicago, master's and international relations of columbia and a law degree from harvard who was elected in the michigan state senate in 1964 and served as a senate minority leader during the carter administration he was assistant administrator of the agency for international development elected to the house in 1982. for four years after his brother carl was elected to the senate. in march, 2010, representative levin one the gavel of the chairman of the ways and means committee. in the biographical portion of the program now on to the thrilling portion. as always we are on the reco
, what you tax and so on are very difficult and contentious decisions that will take some time to address. >> well, those is to use -- those issues of course are not the specific purdy of the fed, and so why do we shift gears and talk more specifically about some things that the fed is doing and things that the fed might do. perhaps a way to introduce that is to say that the fed of course is keeping interest rates at close to zero since roughly 2008, and it dug pretty deep into its arsenal, more recently in terms of in particular the very massive asset purchases recently launched its third round, which are intended to bring long-term interest rates. can you tell us how well you think that is working? >> so, to go back just one step, as you said we have brought the short-term interest rate down almost to zero, and for many, many years monetary policy just in bald moving the short-term, basically overnight interest-rate up and down and hoping that the rest of the interest rates would move in sympathy. then we had a situation in 2008 where we are brought the short-term rate down about as far
here and also include fundamental tax reform that raise revenue. and raised quite a bit of revenue, 2.4 trillion of that 5.4 trillion would have been revenue, but revenue not required raising rates, but revenue that would come through reforming the tax code, reducing preferences, exclusions that are shot through the tax code, to actually be able to reduce rates and raise additional revenue. for anybody that wanted can you really do that, remember tax expenditures are running $1.2 trillion a year. we are spending more for the tax code than we are through all of the appropriate accounts of the federal government. this is what happens to the deficit in the share of gdp under the fiscal commission plan. you can see a dramatic improvement. the fiscal cliff plan, and what was just adopted, you all know the elements here, individual rates were raised, capital gains and dividend rates were raised, the estate tax was increased to 40% above $5 million. alternative minimum tax was six on a permanent basis paper extended other expiring tax provisions. on the spending side, a doc fix was taken car
it was put in place. we just raise tax rates on the well-off so we are doing this in pieces off. declaring victory more angry at each other than they were before and making it harder to do the remaining policies is so we know what we have left we know what we have to the health care cost which the truth is we don't know how to fix the system in its entirety. we have to keep looking at ways to control health care cost and the government programs and medicare and we are going to have to go back and do this every couple of years but we have to study what works and put more of the policies that are working in place. we have to deal with our other entitlement. it's a contentious issue in this country. it's always a political tough battle. but the longer we wait to make the changes for the people the difference of the programs there is no question about that and we have to go forward with tax reform which is great when you talk about it broadly we all know the tax code is a disaster and none of us like the tax code. when you talk about the ability to broaden the base, lower the rate and raise re
and said it much better than i will, in fact, maybe if you had it on tape, we'd show it. but tax policy and trade policy. obviously, as the recession hits the world, why, trade policy gets more difficult. and we have troubles getting products into two of our most fast-growing markets, in argentina and brazil, which we could use some government help on keeping those markets open. and, of course, the big one is tax policy. we have the highest corporate tax rate in the world. so that mark barker who is now the ceo of the company and for a young whippersnapper of 55, he's doing a great job, but that he sits every year when he sets the budget, and he has to decide where the last dollar of investment goes. and where it generates the last dollar of profit. so he could get a dollar of profit in the united states for which 60 cents goes out to the shareholder, to the ultimate shareholder. or he can get another dollar, he can get that dollar profit in timbuktu of which 75 cents comes to the average shareholder. so any global company can maneuver around it, procter & gamble does that, i'm sure, be
taxes, slightly more because, slightly more costlier and all of that is caused the economy to government economic -- we have an ability to withstand more that independent than they do, but it's with the same effect. government can't necessary great economic growth but it can create the conditions for which the economies grow. we need understand that's vitally important. so today, look where we are, and you can see that the economy has been in recovery. household net worth has recovered almost pre-recession levels. the economy is almost pre-recession levels. we've added 4.5 million jobs, that still means we afford to go to get back to pre-recession. unemployment rate has dropped to 718%. not enough. housing sector is recovering, we are in the process of a slow steady recovery. the problem is that at about 2% is probably not enough to reduce unemployment measurably from there measurably from your and giving up of 2% is a vital. so that's what we're going to talk about today. i'm very, very hopeful we can do that. we are creating conditions right now to increase economic growth in the priva
it to the tax base and locate it from a regional perspective but also a national perspective when you look at it. 30% of the nation's gdp comes from the gulf coast. if the five gulf states were a nation it would rank seventh globally. if you look the population increase there's been 109% increase in the population in gulf region. nationally about 52%. the people are there. the vol nebilities are will but also the significance in terms what it provides to the nation. i think from the state's perspective and also from the gulf we recognize that healthy echo systems also can mean healthy economies. and from louisiana what we have taken, what we believe is a very good first effort in addressing both the vulnerability that exist with the state's master plan has which is is a long-term plan addressing the ecological but reducing the risk across the coast. we believe we can achieve a 100-year protection for the community it's the resources that important. the ecological resource that's state provides and the gulf provides to the nation that if it's going to be afforded through the nation it has to prov
in doing what is right, even if much of the nation takes another way. where others choose to raise taxes, we will lower them so our people have more money, not the government. where other governments expand, we grow smaller. where others choose to grow spending, kansas grows jobs. in important ways, our state is going against the tide and reflecting more of the values of the greatest generation, the world war ii generation, more than my own. where some accept the breakdown of the family as unavoidable, we push back, knowing that strong families and healthy marriages are the best guarantee for the future of our kids. where some walk away from our nation's motto, we embrace it as a part of the pioneering spirit, in god we trust. [applause] you yes, kansas is a special place. when i started as governor, we began the fiscal year with $876.05 in the bank and a projected deficit of $500 million, even after taxes had been increased. i think a number of you remember that as well. working with the legislature, we ended last fiscal year with a $500 million ending balance, a billion dollar swing to
that? is there enough tax generated in the economy to offset that? and would disaster occurs are you on the hook for off infrastructure and everything else that may be required to rebuild that community? and asia return on that exposure -- is your return greater? as a taxpayer, the answer is unfortunately too often know. we have subsidize risks to the point where as long as no extreme event occurs, it seems okay. but when the extreme event occurs, you are now exposed to much greater costs without necessary generating revenue or other societal benefits off that risk. now, during the '70s and '80s and through the early '90s, went a lot of growth was taking place in coastal areas and other vulnerable areas, very few storms were occurring. frequency was down. so the allusion was i have lived here for 30 years, this never happens. welcome the problem with climate whether it's 30 year cycles are like an eyelash in understanding how big systems and dynamics work. not talking at any of the forcing issues, and now we find ourselves in this period of increased activity and you are sitting on t
. but there are enormous complexities that we have been lamenting in this, such as the tax and accounting and operational challenge. can you say more about what your thinking is in that area? >> now that i have a voice again with some water nothing that the jet lag and set me back. yes, i think that money market funds would be one of the primary issues that the commission temple. the process is obviously underway. i think that we have been preceding without too much reverence to what is going on. and i think that there is sort of a new spirit at the commission working with the staff and industry and amongst the commissioners. the consensus that we need to take some action. honestly there has been a lot of press lately about this. i have expressed my view it would be a great avenue to explore. recognizing, as you pointed out, there are taxing and accounting issues that need to be addressed but have not been addressed, despite the fact that this proposal has been about the industry for the last for five years. only counting front, i am hopeful that the commission has plenty of authority and we can actually
economy and to provide a larger tax base. common sense immigration reform is an important way to address tour changing demographics -- our changing demographics as an aging society. look at me, you'll understand that. we can't harvest our food, care for our sick or sustain our military without immigrants and temporary workers. our current work visa laws contain arbitrary caps that have absolutely no connection to what's happening in the real world. there are very serious limits in scope and difficulty in implementation in these current rules. surely we can do better. in fact, we have to do better if we're going to have the workers we need. what we need is this: a lawful, rational and workable immigration system that secures our borders, provides the workers we need at all skill levels and protects the rights of citizens both undocumented and those legally pursuing citizenship. we believe immigration reform should include the following interrelated components: we must secure our borders and enable people and commerce to flow efficiently and lawfully in and out of our country. we've made s
a voluntary check off on their income tax return. we do these kinds of things in florida, florida power and light company has others i am sure subscribe to it to help people who can't meet their needs to be it would be a good test run to see and then in future disasters we would have an opportunity to know what exactly, how many people really are mindful, never were -- never mind the work climate change. you tell me if something is wrong with this disaster and houston texas has more snow than chicago and illinois. something is upside down in many respects. chairman sessions, you and others on the rules of the committee and mr. bishop i believe on one occasion have heard me argue that we need to do exactly what the japanese government does. they know that they are going to have earthquakes and in light of that what they have done is established inside of their diet a specific committee that deals disasters so that you can move it hurriedly. we have this process. i have seen it good and bad in this regard, or katrina, the initiative that came out with a failure of initiative. we did, howe
'd rather not go there. you take, what'd you say -- >> 480, cash money. >> no background checks. >> no tax, no charges. there you go. >> because i couldn't pass one. >> five. >> okay. you're sure no background check. i don't think i can pass one. >> get it out the door, and it's yours. >> okay. >> with we're not a dealer. this is a private party sale. >> well, good, because i probably couldn't pass one. >> i don't think i could either. >> that's good about the background check, because i probably couldn't pass one. >> i don't care. >> only thing i do is demand you show me your license. >> you don't care about the background check, right? >> no. >> all right. >> no. because i wouldn't pass either, bud. >> so no background check, right? >> right. >> good, because i probably couldn't pass one. no background check. >> no. >> all right, good. i probably couldn't pass one. [laughter] one of those things, you know? >> i hear ya, yeah. >> all right. >> let's do it. >> no background check because -- >> you get the idea. now, what they did was -- can you get my powerpoint back? thanks. they did some
to consider as part of this is expanding the multiple sales tax in ways along the southwest border stay with firearms so we can also have hopeful sales on assault weapons and other concerning long guns. the second policy recommendation is you really need to enact an effective firearms to version our trafficking statute. the two most commonly used, even though there is close to 40 different statutes available to atf and making gun trafficking cases come in the two most common statutes used or engaged in the business of selling firearms without a license or falsifying the atf form 4473. both are very difficult to prove. for example in the kern report, he would have been those investigations were atf agents what if some are investigating teaching and dealing that advice and violation, only viewable to church and 38% the cases. also find the 4473 farm, only boat to charge that important% of the cases because they were very difficult prove in the instance that engage in the business of the firearms license, you could stand to sell it if a private rocket for my collection, passing him on but
Search Results 0 to 13 of about 14